Gold Price Close Today : 983.20
Change: 4.60 or 0.5%
Silver Price Close Today : 15.945
Change: 22 cents or 1.4%
Gold Silver Ratio: 61.66
Change: -0.570 or -0.9%
Dow Industrial: 8,740.87
Change: 19.43 or 0.22%
US Dollar Index: 78.47
Change: -0.71 or -0.9%
The proverb says, "A bull market climbs a wall of worry." You'll never see that better
illustrated than in the silver and gold markets in the past few weeks. As at 920-930, now gold finds itself at 980 resistance, and is slugging through a few dollars at a time. Yet silver obliged by confirming gold's rise today.
The gold price rose 4.60 to close at US$983.20 on Comex. The silver price rose 22 cents to 15.945 at the Comex close. The gold price hit a high of 986 and the silver price hit 16.02. In the after-Comex market both metals have held their place. When the gold price breaks through that magical 980-something number, it will snap quickly to US$1,000, maybe break clean past that.
Silver and gold prices are going higher. I reckon the Nice Government Men are growing restive about now, and might strike a blow at metals, but I don't think they'll do any more than annoy us.
Motive force here is the US DOLLAR, which is sinking like Charles Ponzi's stock after his indictment. US $ Index sank 71.4 basis points today to 78.465 as I am writing. That only leaves another 50 or so basis points to my target. Can it fall further? Right-o, you bet. But it's liable to stop at 78, even if only for a breather.
After all that effort breaking through 8,600, stocks sat down today. Dow rose 19.43 to
8,740.87. If looking at that stock market won't teach you humility, nothing will.
On this day in 1924 Congress granted US citizenship to all Native Americans. I bet
they liked that!
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
© 2009, The Moneychanger. May not be republished in any form, including electronically, without our express permission.
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down.